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The use of multiple platforms has reached a 10-year record high average of three, with advisers increasing the proportion of new business directed to their secondary platform at the expense of their main platform.
The financial advice industry has declined by eight advisers to 16,400 this week with the financial year still looking strong, up 150 compared to 82 for the corresponding period last year, according to Wealth Data.
A Government review will look into streamlining the education requirements for financial advisers, a ministerial announcement reveals.
Financial advisers are planning to increase their technology spend to more than $200,000 annually, according to Investment Trends, thanks to the need for multiple systems.
The financial advice profession has lost 24 advisers, the first big negative week for the new financial year.
